US STOCKS: Equity Roundup: Late Morning Reversal
Major indexes reverse off recent session highs in the last few minutes, no obvious headline driver as support in Tsys eases slightly as well. Consumer Staples sector leads laggers while Financials weaker after PNC and Charles Schwab each missed earning est this morning. SPX eminis currently trades -8.5 (-0.21%) at 4001.25; DJIA -181.16 (-0.53%) at 33731.76; Nasdaq - 0.8 (0%) at 11095.94.
- SPX leading/lagging sectors: Consumer Staples (-1.49%) lead by weaker food, beverage and tobacco shares; Utilities (-0.55%) and Financials (-0.45%) follow.
Leaders: Energy (+1.25%), Materials (+0.38%) and Consumer Discretionary (0.31%) still outperforming, internet and direct marketing names supporting the latter AMZN +1.87%, ETSY +1.04%. - Dow Industrials Leaders/Laggers: Home Depot (HD) +3.36 at 330.89, after heavy sell-off Tuesday - Goldman Sachs bounces +2.17 to 352.09, Caterpillar (CAT) +2.42 at 258.68. Laggers: Honeywell (HON) 5.44 at 206.80, United Health (UNH) -3.89 at 481.19, McDonalds (MCD) -3.27 at 270.84.
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STIR: BLOCK, Mar'23 SOFR Put Fly
- Total 15,000 SFRH3 94.81/95.12/95.50 put flys, 17.5 ref 95.175 at 1050-1055ET
US STOCKS: Equity Roundup, Diversified Banks Buoy Financials
Major indexes trading near steady to mixed, off recent lows to inside narrow session range. SPX eminis currently trade -9.25 (-0.24%) at 3869.25; DJIA -34.89 (0.11%) at 32957.32; Nasdaq -87.8 (-0.8%) at 10618.14.
- SPX leading/lagging sectors: Diversified banks helping Financial sector shares (+0.71%) w/ JPM, BAC, WFC and PNC all appr +1%, Consumer Staples a close second (+0.67%) lead by food/beverage and tobacco shares. Energy sector next up (+0.51%) partially tied to firmer crude prices (WTI +1.45 at 75.74) w/ O&G refiners leading: Marathon (MPC) +1.78%, Valero (VLO) +1.5%, Phillips 66 (PSX) +0.91%).
- Laggers: Information Technology (-0.91%) weighed by hardware/storage makers (AAPL -1.5%); Communication Services (-0.47%) weighed by media & entertainment shares: Warner Bros/Discovery -3.33%, Disney (-2.41%).
- Dow Industrials Leaders/Laggers: Travelers Ins (TRV) +2.81 at 185.61, Caterpillar (CAT) +2.54 at 235.26, United Health (UNH) +2.54 at 526.24.
- Laggers: Microsoft )MSFT) -2.11 at 242.58, Home Depot (HD) -2.10 at 321.24.
FRANCE: GERMANY-Econ Mins: EU Should Get Exceptions To US Inf Reduction Act
French Economy Minister Bruno Le Maire and his German counterpart Robert Habeck issue joint comments relating to the US' Inflation Reduction Act (IRA).
- Ministers: European products, like American products, should be eligible for tax credits.
- Ministers: The exceptions made in the US Inflation Reduction Act [for Canada and Mexico] should apply to partners and allies such as the EU.
- Say that there will be an 'aggressive response' to the US IRA from both countries.
- Separately, both say that 'We will ensure the security of supply of critical raw materials for the EU'. Add that Germany and France 'will ensure the swift implementation of programmes to support more hydrogen infrastructure'.
